SUI Price Surges 60% To Record High Market Cap, What’s Next?

The SUI price has gone up by a massive 32.4% within the last 24 hours and 60% in a week with the market capitalization nearing $8.7 billion. This has put SUI at the 15th position among the most valuable cryptocurrencies in the world today. On the other hand, the lending protocol of the Sui ecosystem, Scallop (SCA), has also been on an upward trajectory. SCA has risen by 87% in the last week and has seen its total value locked (TVL) growth by 25.3%. This points towards a growing interest in the Sui network and the other assets associated with it.

SUI Price Rally 60% In a Week Hitting New Market Cap High of $8.7B

According to recent data, SUI price has increased by 32.4% within the last 24 hours, and by over 60% over the span of 7 days. This tremendous growth has also placed SUI at its highest market capitalization ever of around $8.7 billion. This has not only anchored SUI firmly in the market but has raised the asset to 15th rank amongst digital assets by market capitalization.

The increase in SUI price is coupled with a surge in trading volume, indicating a rise in investor interest. Over the past 24 hours, SUI trading volume increased by over 250%, reflecting heightened market activity, and signaling a bullish outlook. Analysts attribute this price rise to strong on-chain metrics and a favorable market environment.

Adding to the bullish sentiments, the MACD analysis on the daily chart indicates a strong upward trend for SUI. The MACD line has crossed above the signal line, currently reading 0.0211 against -0.0027, reflecting positive momentum. The histogram also supports this bullish outlook, as it has been showing green bars with increasing height. This widening gap between the MACD and the signal line indicates strengthening buying pressure and a continuation of the upward trend. 

Furthermore, the Bull Bear Power (BBP) analysis reinforces the bullish trend, showing a positive value of approximately 1.2590. This positive reading suggests that bulls are dominating the market, as buying strength surpasses selling pressure. 

Scallop (SCA) Gains 83% As Sui Ecosystem Grows

Apart from SUI, the lending protocol within the Sui ecosystem with the ticker SCA has also shown great growth. In the last one week the token price of Scallop (SCA) has risen by 83% indicating growing demand for Sui-based financial solutions. It worth mentioning that Scallop being a lending protocol is an essential part to the Sui ecosystem as it provides services such as lending and borrowing, which add value to the Sui network.

The massive adoption of Scallop (SCA) has signaled the ability of the Sui ecosystem not to be limited to the SUI token alone as users seek other financial services within the network.

Besides the price appreciation, there is a remarkable improvement in the total value locked (TVL) in Scallop (SCA), which has increased by 25.30% in the last week. This increase in TVL reflects the growing interaction of users with the Scallop protocol. TVL growth is one of the constituent parameters, which characterizes overall demand together with protocol’s liquidity.

What’s Next? Analysts Predict $10 Target for SUI

Following the recent rally, market analysts are optimistic about the future trajectory of SUI price, projecting a potential target of $10 if current trends persist. This positive outlook is driven by robust on-chain metrics, including high trading volume and active user engagement. Additionally, post-election market dynamics and the popularity of meme coins within the ecosystem are further catalysts for price appreciation.

SUI November price prediction could continue to benefit from increased interest and favorable market conditions. If these factors align, SUI may see another significant rally, bringing it closer to the anticipated $10 target.